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Louisiana residents less financially secure than they should be, report says

Louisianians Financial Security website

Louisiana ranks in the bottom fifth of states when it comes to financial security, according to a new study by the Center for Enterprise Development, a nonprofit that looks at low- and moderate-income families stability.

Louisiana residents should be more financially secure than they currently are. The state ranks 44th
when it comes to personal financial safety, meaning people in Louisiana
are less likely to be able to pay their bills and keep a roof over
their head if they lose their jobs than people in other parts of America.

But Louisiana's law
and regulations encourage financial stability much more than its
outcomes would imply,
according to a report from the Corporation for Enterprise and Development, a nonprofit that looks at low- and moderate-income wealth in the United States. The state ranks 23rd out of 50 when it comes trying to ensure, through public policy, that people have secure fiscal footing.

The Bayou state isn't the only place where there is a disconnect between government policy and outcomes around financial stability. Several other states -- including Arkansas, New Mexico and Georgia -- also haven't seen great returns despite passing laws focused on fiscal security. There are also states with relatively weak public policy in this arena -- like Wyoming and Alaska -- where residents seem more financially prepared than they should be, according to J.B. Wogan at Governing.

Louisiana's ranking is likely being dragged down by its relatively poor performance in some of key areas that the Center for Enterprise and Development examined. For example, Louisiana ranks 49th out of all states and the District of Columbia when it comes to income poverty. It ranks 47th when it comes to percentage of households that don't have a bank account.

There are a few areas where Louisiana performs quite well though. Louisiana has the third best outcome of any state when it comes to students graduating from four-year colleges with debt, according to the study.